Skip to main content
4:00 pm
at most she will get basically another year in jail. >> back in town and both sides back to digging in. with no deal in sight. is the white house preparing a controversial backup town? welcome, everyone, on "your world." and it is called the nuclear option. if no deal is reached the president's money man is floating away and it. how? by ignoring it. treasury secretary geithner suggests he can keep the payments flowing upon the president's orders. with no act of congress needed. and with 27 days and no compromise, the option that could be looking more and more likely. is it though? the president is expected to address the deficit later this hour. but, first, my guest says this is no way to run a nation.
4:01 pm
>> and now, chris, geithner found a loophole in the constitution that allows them to do an end run and pretend detriment, what debt limit? it demonstrates the lack of seriousness which the obama administration is taking this, geithner is taking it and our washington heards take it. this is a potentially catastrophic issue and the democrats and the obama administration are playing picks and see it not as a math problem but a political problem they have to solve before election day in their favor regardless of the spending limit and the debt limit. if they act as though it doesn't exist, it is not as though it does not result in the same consequences, it does.
4:02 pm
so i'm just horrified of the lack of seriousness we're getting from the leadership in washington. >> this is something that did not pop up today. the democrats on capitol hill have been discussion it. and senator schumer said it is worth exploring going through loopholes in the 14th amendment but it is probably not right to pursue and then he talked about courts reversing it so if the democrats do this it could have to work through the courts to see if it is unconstitutional. that is crazy. >>guest: while the august 2nd date is not a hard and fast deadline that everyone is making it out to be, it isn't, that said, there are serious issues here that need to be dealt with and paul ryan, for one, has stuck his neck out and trying to do something. the democrats are trying to do something about their own political fortunes and i am
4:03 pm
genuinely concerned for the future of the republic if this is how our leaders lead. >> chris, thank you for joining us. if there is a move to bypass congress how does that it is with this guy? with us is republican senator from pennsylvania. i guess it will not sit well with? >> the constitution is clear. article ii of the constitution which defines the powers of congress, grants exclusively to congress the authority to borrow money. there is no question. the 14th amendment is obligating the federal government to, in fact, honor the debt commitments. i think the president needs to execute honoring the debt commitments and the thought they can bypass congress and borrow money without congressional authority that is outrageous. i can't believe it is a serious thought. >> do you believe it's a yes
4:04 pm
thought? all hard to believe that. it is so ridiculous and illegal and unconstitutional i can't believe they would invite a constitutional crisis but subverting congress, the law and the constitution. >> at this point with 27 days, roughly four weeks before the august 2nd deadline do you believe we're at such a desperation point the democrats and the administration would come out with something like this? and what is the move to counter that? >>guest: we are not that desperate. the administration has been sheared and exaggerated the nature of the consequences if we do not raise the debt limit august 2 under. they predicted catastrophic we fault on the debt. ongoing tax revenue is more than enough to guarantee we will not default on our debt. but it amounts to a partial government shut down that is
4:05 pm
disruptive and not ideal. it is not the same as "catastrophic default." we need the administration to get serious about spending. that is the problem. we need to get that under control. >> senator are you in favor of a mini deal floated this weekend to say, look, we will go six or eight months, take a step back and make the spending cuts in medicare and other areas the republicans want, but, yet, at the same time, we're looking at hiking taxes. give-and-take. >> i'm not interested in a tax increase or interested in kicking this can further down the road. it is not as though we depths know this was coming. some of us have talked about this since january and now, six months later we have known about the problem, why do we think we could solve it better in a few
4:06 pm
weeks, eight or ten weeks, i am not buying into it. it means getting spending under control, stop spending money we don't have, borrowing 40 cents of every day. there is is now a problem for now. now. we cannot stay on in path. >> the president is expected to speak in 40 minute minutes or 35 minutes time. what do you expect? i have no idea. he sought to say he will never permit a default to occur on his month and whether we raise the debt limit he will ensure ongoing tax revenue is used to make sure we don't have a default. he has it in his power to do that and the financial resources and i would like him to acknowledge we have to get the spending under control. this is so obvious to most
4:07 pm
pennsylvanian i meet, i hope it becomes clear to him, too. >> and paul has an idea to filibuster any legislation brought to the floor that does not involve dealing with the bet ceiling and the budget. last week the white house rejected a meeting with republican leaders and democratic leaders. are you in a point where you are saying, look, both sides do not get together and we are in the serious, what are we waiting for? >>guest: look, it has been maddening. i separate in a senate i'm ashamed to knowledge has refused to do a budget. senator reid has no interest or will to produce a budget never minds that it is the statutory requirement and it is common sense any organization ought to have a budget. how about maybe the biggest enterprise in the world? the united states government? this dysfunctional. i support the senator and we ought to focus on this, and
4:08 pm
should have been for a long time. it's about time. >> senator harry reid floating a millionaires tax resolution, are you steadfast and the republicans jointly in the house and senate, zero. and i say that i mean know tax increase whatever regardless of what the administration and the democrats agree do give up in terms of spending. >>guest: for me this is not a tradeoff of spending versus tax increase. the area we should compromise is where we cut spending. they have some areas. they acknowledge it is at $3.6 trillion and a huge run up has occurred and the administration and senator harry reid and don't colleagues know there are area dozen cuts. i can give you a list i would like to cut and we probably don't have the same list so make some compromises but raising taxes should in the be on the table it will only prevent us from having economic recovery we should have and are not having,
4:09 pm
in part, because we have this fiscal train wreck going on. >> senator, thank you very much. casey anthony acquitted of murder. the jury making the decision in the most expensive trials in florida history. did the prosecution's actions have anything to do with the decision reaped? stay tuned. verizon claims its 4lt is twice afast as at&t.
4:10 pm
we're putting them to the test against the speed of a rescue unit. go ! they're downloading a music album. the first network to finish gets rescued. does your phone know that we're racing ? done ! verizon's done ! i've got seven left ! the fastest network in america. verizon. built so you can rule the air. now powering the lg revolution. host: could switching to geico reon car insurance? or more host: do people use smartphones to do dumb things? man 1: send, that is the weekend. app grapgic: yeah dawg! man 2: allow me to crack...the bubbly! man 1: don't mind if i doozy. man 3: is a gentleman with a brostache invited over to this party?
4:11 pm
man 1: only if he's ready to rock! ♪ sfx: guitar and trumpet jam vo: geico. 15 minutes could save you 15% or more on car insurance. if you open up a charge card account with us. [ male announcer ] identity thieves never stop coming up with ways to steal from you. they can open up an account in your nam and go on a serious spending spree. do you have cufflinks? mm-hmm. gold ones? [ male announcer ] not on our watch. we're lifelock. go to and learn how our patented billion point database can help protecyou. call 1-800-lifelock today. lifelock. relentlessly protecting your identity.
4:12 pm
>> the jury in the casey anthony murder trial refusing to speak to the media finding her not guilty of murdering her daughter. the defense celebrating the verdict with a group lug and tears of joy but at the end of the day a little girl is dead. and today many trial watchers have more questions than answers. and now to phil keating would has been following the trial from day one. not guilty but what is next? >> well, what is next is sentencing 9:00 a.m. on thursday morning, and she has been transport the back to orange county where she is in custody. for each of the four counts of provide false information, lying to the cops, about what happened to caylee in december of 2008 each count carries a sentence of one year each. she has been locked up for three years so, she could be a free
4:13 pm
woman in a little bit more than a year from this time. but it is possible the judge could let her free on thursday afternoon if he chooses and possibly friday. a big day for thursday morning. but at 2:15, after deliberating nine hours the jury bought what baez said during the closing argument. his clients, casey anthony could be a lawyer but she is not a murderer. >> the first-degree murder, we find the defendant not guilty, dated on the 5th day of july, 2011. and the charge of aggravated child abuse, verdict of count two, we the jury find the defendant not guilty, so say we all, in orlando, orange county,
4:14 pm
florida, 5th day of july. and as to the charge of aggravated manslaughter of a child, verdicts as to count three we fine the defendant not guilty. phil: huge tears from the eyes of casey an don't and she started to break into smiles, large smiles, like you have not seen her smile for the past three years. not publicly on camera. not a big smile but, today, an absolute celebration full of emotion, full of tears, you can see the tones -- attorneys congratulating contrasted to the prosecution table as the lead prosecutor and her two cocounsel all looked ashen in utter disbelief that despite all of the forensic evidence that tied
4:15 pm
the crime scene directly to the anthony home they did not win a conviction for first-degree murder. go have sound, though, from her attorney jose baez who was up against a lot and he had his most important victory of his entire career. >> the best feeling i have today is i know i can go home and my daughter will ask me, what did you do today? and i can say i saved a life. >> jose baez adding he did not feel great in a sense that little caylee marie anthony, two years old when she died in orlando three years ago, doesn't really get justice in this case and jose baez say leg is -- saying there is no justice. but this is the truth. all of that evidence, somehow
4:16 pm
caylee marie anthony ended up in the woods, a five minute walk from the homes of her grandparents, and no person will be punished for the murder. george and cindy anthony, the parents of the defendant, they got up and left the courtroom prior to the proceeding being over. >> thank you from outside the courtroom. the prosecutors actions have anything to do with the decision? first of all, i will not assume anything, were you shocked? >> not really. i have been saying from the very beginning that just because casey anthony is a liar does not mean she a murderer and i was surprised because the verdict came back so quickly i figured it would mean a guilty. generally that is the case. when the trial, or the jury
4:17 pm
deliberations go or longer you have a sign of in the guilty. so that is what was surprising. but, look, this case was all circumstantial. you did not have the things that make the great cases for a prosecution. you don't have the confession. you don't have the fingerprints. you don't have the blood. the eyewitnesses, those are the witnesses this prosecution was missing. >> what do you make of the tactics of the prosecution, and, really, throughout the entire proceeding? do you think that has anything to do with it in the attorney, the prosecutor, smirking, this is this past weekend, does the jury look at that and say, you know what, i will punish you for that. >>guest: no, i don't think the jury is punishing the prosecution or giving points to the deficit for any reason other than looking at the evidence. but what i like about your
4:18 pm
question, i was going back to my writing in 2008 and you have to remember the prosecution was releasing videotapes, the jailhouse videos, those interviews with casey and her mom, they were doing that in an attempt to taints the jury pool from the very beginning and i don't think this case would have had the national attention if not for the prosecution planting the seed in the mind of the public that caylee was killed by her mother. >> will she walk free on thursday after the four charges on lying to authorities. she has served three years she could serve one year. will the judge have her serve that final year? >> i don't think so. i think the judge will have time considered served and the other thing, they call it touching the wall, she was convicts of a felony and he has to send her to the department of corrections and she now is in county jail
4:19 pm
and he will have her touch the wall and come back. if it is anything it is a matter of days. >> she is going to be a celebrity and now she is free to earn a significant living because she was found guilty even of the four minor charges, relatively speaking, can she reap the rewards from the celebrity she has been able to garner? >>guest: sure, people write books all of the time and maybe she can actually come out and tell the truth as long as there is no additional crime she committed and say what the real story s i give her the advice to be very careful because there are people out there who will prey on people like her, who want a story and money and next thing you know she is homeless and a guy has a movie deal. >> thank you, we appreciate that. pearl -- now herman cain losing
4:20 pm
another campaign member in a key state.
4:21 pm
4:22 pm
4:23 pm
is. >> and democrats in the house of representatives throwing their support by a plan to extend the payroll tax cuts. and now saying it will stimulate the economy and create jobs but, steve, not so sure about that. you get this extra 2 percent in the pocket and how does it not work? more money, people are spending it and it does not work. ai love tax cuts and we should cut tax rates but this hasn't. we started this tax cut back in january, a one year, and 2 percent reduction in the payroll tax and it was supposed to create job but where are they?
4:24 pm
before we did this we had 200 ,000 jobs a month and now this year we average less than 100,000 so i would make the case look at the evidence, it has not worked and make the case, too, stop with the temporary tax cut, and temporary tax increases. look, this is a one year increase in the cut in the tax rate but guess what? if you are an accomplish you don't hire someone for one year, you want to hire that person for three or five years. >> the employer still pays 6.2 percent and the employee get as reduction so it is supposed to help on the spending side. >> that is the problem. it is not creating jobs. people are afraid in this economy, everyone is worried about spending the money so a lot of the money, people put that money in the bank account. >> so the president, now, he may support this, he could say,
4:25 pm
let's extend it for another year. what if he said i want to permanently make it 4.percent, and i have to think the democrats on capitol hill would scream bloody murder because they would say social security needs the money or the revenue and the republicans i would say that is great, it is like a tax cut but now it is permanent and we like it. >> and here is the problem with this discussion, in less than four weeks we have a debt ceiling bill. and that is to bring the debt down, we are borrowing $1.5 trillion a year so you have schizophrenia in washington, one day cut taxes, the next day raise taxes. there was a paper in the "wall street journal" saying get rid of exemptions for rich people so americans are confused. races? lower taxes? get this economy moving and get the spending and debt down and this is a diversion from that.
4:26 pm
>> but there is talk of raising taxes for the wealthy or cutting taxes. at least if you say we will make the payroll tax on employee and employer side, does that help? that is a tax cut. if it doesn't help, what does help? >> i like what bill clinton was saying, why not cut the corporate income tax rate 25 percent. the people would do the hiring are employers. and a lost those people are rich. if you take more money from rich people you hurt their chances of hiring more workers and that never made sense so fix our tax system. no more gimmicks. no more temporary reductions in taxes. >> can't do that by august 7th. >> we have to get it done by august 2nd. >> what do you make of the job forecast? >> not good. >> there is talk the supply chains of fixing themselves
4:27 pm
after what happened if japan. >> but look at the unemployment insurance claims they are over 400,000 and that is not a good number. chris, we need to be at 250,000 jobs the next 36 minutes to get the rate down to 7 percent. all seems like a daunting task. the fireworks continue at the campaign of herman cain with replacements announce the empty herman cain, do the resignations catch you by surprise? >> absolutely not. lock at facts, we announced our new state director and this was in the works from before the two staff members left. second, we announced these other field staff people and we announced we would do our grand opening in iowa on july 11th and when you take this and look at the fact that we have a staff of
4:28 pm
nearly 35 permanent people and thousands of volunteers this is not a big deal. one other thing to consider: we will just announced that for the reporting period we reported raising nearly $2.5 million. here is the good news, 75 percent of those who contributed, were $100 or less. this campaign has lost no momentum because two people decided they wanted to move on with their lives and this campaign's momentum has not skipped a beat. all these are two fairly key people, your director in iowa and the main person in new hampshire saying particularly in iowa you were not serious enough in that key state. how would you respond to that? >> the way i respond, who defies "key person." >> if it's the director--.
4:29 pm
>> in my campaign, chris, i along with my chief staff, we determine who is key. i said we were already working on a replacement for these two people long before they actually left. yes, it was key position but it wasn't lick we didn't expect something like this to happen. we were not caught off guard. we lost no momentum. >> you will be criticized for everything you do. you spent july 4th in philadelphia, and you were in ohio and people will criticize you for in the being in iowa and some feel you should be in iowa for eight months. how do you respond? >> this is only one people contain and i can not be everywhere, where everyone wants me to be. ideally, many supporters in iowa who want me to spend my time in
4:30 pm
iowa and people in numb newspaper want me to spend my time in new hampshire but when you see that my poll position is moving up, it is a result not only of the critical key states but a result of people all over the country who are likely republican primary voters connected with the message of common sense solutions and connecting with my background. and, in iowa yesterday when i was this, on sunday, that was my 22 under trip sin the beginning of the year so the perception i'm not committed to iowa is absolutely wrong and the other thing is, we have committed to do the iowa draw poll so i have a commitment to iowa and it cannot be denied if you look at the facts. >> it is less humid in iowa that philadelphia but you are from atlanta so humidity will not bother you.
4:31 pm
>> we get used to it. >> and the 2012 decision is coming and texas governor perry could have picked up $22 million reasons to jump into the race.
4:32 pm
4:33 pm
4:34 pm
>> we are awaiting president obama's comments ton finding a balanced approach to deficit reduction. you can see the press room and we will take you there, live. perry may not be running for president. yet. but he knows how to rake in serious campaign cash raising $22 million as head of the republican governor association a record breaking amount. and karl rove is following the money. he pulled it off should romely and the other g.o.p. candidates
4:35 pm
worry? >> not for the number you are citing. the republican governor's association raises, the governors all play a role in reagans the money especially the co-chairman and they raise the money in chunks far in excess of amount that a candidate for president is allowed to receive. 600 people are members of the so-called executive roundtable and they pledged to give $25,000 and many give many times 25,000 a year at the beginning of the year and it is reflected in the first half of the year number, and, third, when you run for president you have to have a lot of bundlers and donors and his strength is in the from the small number of donors of the republican governor's association but he is the governor of texas with 24 million and the test will be can he do what george w. bush did in 1999 as governor and that is raise $36 million, $1,000 was
4:36 pm
the limit and now the limit is $2,500 by drawing on such a large number of texas. so it will be interesting to see and it will be the first test for perry. >> he is governor of a big state and romney has been able to generate a big chunk and we talk about money and i was speaking with hermann cape $2.5 million, mostly from small donors and small amounts so how much of a role does it play as we get closer to iowa? >> the votes are in february, in iowa caucus and the new hampshire primary and the south carolina primary. do the candidates have sufficient sundays to fight the battles and, then, quickly raise money to be competitive financially in the battles that follow. obviously romney will have define $15 and $20 million so he
4:37 pm
will have that war cleft and we don't know what bachmann will report but the other candidates, that will be the big key test. for perry, will he do what other successful fundraisers do and that is point to the early successes, with a fundraiser in new york or houston raising $2 million. this is the third quarter, july, august and september and it will be interesting to see if they point to their success by proclaiming it, remember, romney had the call in day and call out day in las vegas and they raised pledges of $10 million and collected and it gave a sign early strength. >> with that said, how do you close that gap? how do the candidates say 2.5 million or 3 million or 4.5 million and you say, romney with
4:38 pm
$15 million or $20 million and the potential of perry, how do you close the gap? >> it is hard. you missed an opportunity with pearl contain, he said $2.5 million, but how much was his money? he admitted he had to prime the person $500,000 out of the $2.5 million? 27,000 donors sounds good and president obama in the row election in 2004 had 1.3 million donors and over a million donors in 2000 so that is a good start but only a start. inside the campaign you have to balance going into appearing and giving the speech and the parade and raising money and the raising money crowds out some of the political schedule because without a certain amount of funds you cannot pay the staff, buy the radio and television ads and do malik -- mailings and
4:39 pm
conduct "get out of the vote" effort. what do you make of the staff changes for herman cain? he is down playing the changes, do you down play those? >> in a campaign you always have questions. are they on your schedule or someone else? >> they were not on john mccain's schedule in july of 2007 or on the schedule of gingrich this spring. my sense is the new hampshire and iowa, he will move quickly, but my sense is these are not on herman cain's schedule so, no, they are not good. if a candidate says she want to make changes and here of the changes, that is generally a sign of someone who is paying attention to business and is trying to make the campaign better but when you have surprise departures a john mccain, gingrich, and now herman cain, not good news. >> appreciate the insight, thank you very much.
4:40 pm
a live look outside the white house press room, where president obama is expected to speak soon about the debt limit.
4:41 pm
4:42 pm
an accident doesn't have to slow you down. with better car replacement, available only from liberty mutual insurance, if your car's totaled, give you the money to buy a car that's one model-year newer... with 15,000 fewer miles on it. there's no other auto insurance product like it. better car replacement,
4:43 pm
available only from liberty mutual. it's a better policy that gets you a better car. call... or visit one of our local offices today, and we'll provide the coverage you need at the right price. liberty mutual auto insurance -- responsibility. what's your policy? >> alternate juror number 14 speaking out to fox. and now, on the phone, russell, when you heard the jury's decision were you shocked? >> no, i was not. they made the proper decision. >> so that is the decision you would have gone up if you were in the room with the deliberation? >> that's correct. >> why would you have gone that route? so many of our viewers are saying they have been following the trial and they have seen the evidence overwhelmingly i
4:44 pm
believe that she would have been guilty. >>guest: i strongly disagree. but the big question was the prosecution could not answer how did caylee die. that was a factor. and it showed that something with george anthony, casey's father, he was hiding something for all the times he was on the stand, something happened and knee knew -- and he knew about it. we think possibly, we ... it comes down to probably an accident that the family did not know how to cope with it and instead tried to hide. >> you are saying you did not know beyond a shadow of a doubt how she died and you are saying the family on the stand had some time of an impact on your
4:45 pm
decisionmaking? >> yes, they did. >> outside of that, the actions of the prosecution, or even the defense, the attorneys, did that play any role? >> no, it did not. >> was there anything, a lost times we have attorneys who say, look, when i am in a closing argument, a prosecutor in a closing argument, i will say the one piece of evidence, the one thing that times casey anthony directly to the murder of this person is x. if you had or heard that would that have glued your decision? are you saying the absence of that put the shadow of doubt in your mind. >>guest: it was not the one thing. that is one of the things. one thing that the prosecution failed to do was they did not show motive. what would have driven a reasonably good mother to do such an action and they could not, i don't think they overcame
4:46 pm
that. from all appearances of what the witness said, casey was a good mother and there was no indication that there was a problem between her and caylee that would have resulted. >> was there anything that pushed you in another direction? the car? the chloroform? the computer? anything that pushed you to think she was guilty? >> no, i didn't see that. >> we do appreciate it. alternate juror number 14 in the casey anthony case and she was found in the guilty on the major charges, murder and manslaughter early in the day and she was found guilty of four counsels of lying to authorities and she will be sentenced on thursday, and each of those cases carries a sentence of one year and she has served three years and she may very well be released on
4:47 pm
thursday. word on the street is president obama -- no, the president will join us shortly. while we wait for the budget, we will go to president rand paul. the president will speak in a couple of michigans but i ask what you hope or expect to hear from him in a couple of minutes. >> i hope he say he will sit down at the stable with republicans and talk about resolving the debt crisis. it means structural reform. you have to amend the constitution. you have to tell congress to balance the budget because i don't think we have the spine or the will power to do it without new rules. >> can you do that between now and august 2nd? >> what you can do and what we propose, i will vote to raise the debt ceiling if song passes the balanced budget amendment and it will go to the states and i have full confidence in the
4:48 pm
people. polls show that 75 percent of the american people your the board, republican and democrat and independence are for a balanced budget amendment and distrust congress to do the job. 14 percent of the american public thing we are doing a good job and there is not much evidence we can do what we are supposed to do and that is how do we cut our spending. >> i want do ask about your plan to filibuster any proposed legislation that does thought involve directly dealing with the budget and the debt ceiling. is this a sign that we have four weeks or less before the august 2nd deadline and we are not serious. people find that hard to believe. >> we have won a battle, this afternoon there is supposed to an vote to end our filibuster and we had 41 votes and the determined ask pit -- and the democrats have capitulated. >> and now like to the white
4:49 pm
house. >> i wish everyone a happy 4th of july. over the weekend my team and i had discussions with congressional leaders. we made progress. i believe greater progress is in sight but i don't want to fool anybody. we still have do work through real differences. now i have her reports there could be some in congress who want to do just enough to make sure america avoids defaulting on our debt in the short-term but want to kick the can down the road to solve the larger problem of our deficit. i don't care h share that view. i don't think the american people sent us here to avoid tough problems. in fact, what drives them nuts about washington when both parties take that path. i don't want to do that here.
4:50 pm
i believe right now we have a unique opportunity to do something big. to tackle our deficit in a way to force the government to live in its means and puts the economy on a stronger footing for future and allows us to invest if that future. most of us agree that to solve our deficit problem we need to find trillions in savings over the next decade and significantly more in the decades that follow. that is what the bipartisan fiscal commission said. that is the amount i put forward in the framework i announced a few months ago and that's around the same amount republicans have put forward in their plans, the kind of substantial progress we should be aiming for here. to get there we need a balanced approach. we need to take on spending in domestic programs, in defense programs, and in entitlement programs and we need to take on
4:51 pm
spending in the tax code. spending on certain tax breaks and deductions for the wealthiest of americans. this will require both parties to get out of our comfort zones and both parties to agree on real compromise. i'm ready to do that. i believe this are enough people in each party that are willing to do that. and i know we need to come together over the next two weeks for reach a deal that reduces the deficit and upholds the full faith and credit of the u.s. government and the credit of the american people. that's why as we continue discussions today and tomorrow i have asked leaders of both parties and both houses of congress to come here to the white house on thursday so we can,000 on the work that has been done and drive toward a final agreement. it's my hope everyone will leave their ultimatum at the door and they. leave our political rhetoric at
4:52 pm
the door and we will do what is best for our economy and what is best for our people. i said this in my press conference it should not come down to the last second. it is important to show the american people and the leaders we can solve our problems in a responsible way. we know it will require tough decisions. it is better to take the tough decisions sooner rather than later. that is what the american people expect of us and that is what a healthy economy will require and that's the kind of progress i expect to make. i promise to keep you updated as type goes on. all right? >> that was president speaking on where we stand right now. and now back to kentucky senator rand paul. senator, thank you for hanging on law the president. what did you make of the comments? >> well, i hope he is sincere but if he wants to come forward
4:53 pm
and do something really good for the country he needs to be something that binds the future congress. if you just about cutting $2 trillion over ten years there is no guarantee a future congress will abide by that agreement so there is very flimsy guarantee there. but if you have a balanced budget amendment to the constitution future congresses will have to balance the budget. who knows, it could include getting rid of tax deductions or tax credits and we would have a rule of law. that is a rule that says you have to balance the budget. i'll convinced congress, the president, no matter which party, are not responsible or trustworthy enough to do this without bounding them by the chains of the constitution. you have to have an amendment, and balance the budget. or i don't believe it will happen. >> he threw out in terms of the timeframe speaking of two weeks you will meet on thursday, stay with members from both chambers and both sides of the aisle and senator mcconnell will be at
4:54 pm
white house on thursday and what do you make, obviously you will speak before everybody goes in what you hope comes out of the meeting. do you expect anything? >> what has to happen is both sides have to come together and acknowledge the problem is spending. we spend $1 out of the $4 and we used to spend $1 in $5. the spending is out-of-control. it is not the revenue side, we play plenty in taxes. talk to anybody would looks at their paycheck and ask, are you paying too little in taxes and you will find a small minority of people think they are not paying enough. we are paying plenty in taxes but we have to do something about spending. >> would anything appease you in terms of an increase in taxes? anything? anything they can give you to make you say, okay, i'll agree to this and this tax increase.
4:55 pm
>> i voted to get rid of the ethanol credit. we can get rid some deductions but to do that, i was always a fan of a flat rate but if we just get rid of discussionses, that is increasing factions on the economy, and silt a bad time. the economists say, bad thing to do, bad to raise taxes in a recession, so, i would do it but only in the context of flatening rates. >> senator paul, the president did mention kicking the can down the road and some veterans floated the idea of a mini deal that could give you six to eight months. are you in favor of that or do you agree that it makes no sense to kick the can. >> i am voting against the deal and voting against using the metaphor of kicking the can. that is overused a bit. >> guilty. guilty as charged on this.
4:56 pm
do you believe, then, i have spoken to 100 economists about this. august 2nd. on one side we hear catastrophe from one side. on the other side we hear, well, it won't be that bad. where do you feel? >> we bring in $200 billion in revenue each month and our interest is $20 billion so the president could take this off the rage right now and promise the american people he will not default, he will pay the interest on the loan. we have enough revenue to pay 70 percent of government so we can continue to pay interest, we should in the default but we should have real budgetary reform and the election last year was not about accepting a tokenism or accepting empty promises for 10 years but about doing something. if you poll the balanced budget amendment versus raising the debt ceiling the american people are with us on this subject.
4:57 pm
>> special coverage after the break. [ female announcer ] what will you outlast?
4:58 pm
when someone changes lanes without warning? or when you're distracted? when you're falling aeep at the wheel? do you know how you'll react? lexus can now precisely test the most unpredictable variable in a car -- the driver. when you pursue perfection, you don't just engineer the world's most advanced driving simulator. you engineer amazing. ♪
4:59 pm
@ you engineer amazing. ♪ sing polly wolly doodle all the day ♪ ♪ hah @

Your World With Neil Cavuto
FOX News July 5, 2011 4:00pm-5:00pm EDT

News/Business. Money tips from Wall Street. New. (CC)

TOPIC FREQUENCY Iowa 14, Herman Cain 6, Casey Anthony 5, Washington 4, Paul 4, Casey 3, Romney 3, Baez 3, Obama 3, Texas 3, Perry 3, Geithner 2, Orlando 2, Caylee Marie Anthony 2, Geico 2, John Mccain 2, Harry Reid 2, Philadelphia 2, Gingrich 2, Florida 2
Network FOX News
Duration 01:00:00
Scanned in Annapolis, MD, USA
Source Comcast Cable
Tuner Port 1236
Video Codec mpeg2video
Audio Cocec mp2
Pixel width 720
Pixel height 480
Sponsor Internet Archive
Audio/Visual sound, color

disc Borrow a DVD of this show
info Stream Only
Uploaded by
TV Archive
on 4/24/2012